Question

Kamala borrowed Rs. 26400 from a bank to buy a scooter at a rate of 15% p.a. compounded yearly. What amount will she pay at the end of 2 years and 4 months to clear the loan?

• A. Rs.36659.7
• B. Rs.35569.7
• C. Rs.46659.7
• D. Rs.45569.7

Answer 1

The correct option is A

Rs.36659.7

$Amount=Principal(1+\frac{r}{100}{)}^n$.
Here $P=Rs.26400$
$R=15$
$N=2yearsand4months=2.333years$
$Amountfor2yearsand4months$ $=26400(1+\frac{15}{100}{)}^{2.333}=Rs36659.7$